For Sale

1 Teresa Avenue, Corio, Vic 3214

$589,000 - $629,000

House

Type

Bedrooms

Bathrooms

Parkings

673 m²

Area

Published on Thursday, August 20, 2026 ( See property details for 1 Teresa Avenue, Corio, Vic 3214)

$589,000 - $629,000

View the agent price guide.

Leesa Van Drunen - Real Estate Agent - Barry Plant Geelong

Leesa Van Drunen Sales Consultant

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AI Property Insight

AI-generated summary for guidance only. We can’t guarantee accuracy -please verify all details independently before deciding.

A character-filled 1970s home on a spacious 673m² block in Corio, offering excellent value-add potential through renovation, development, or subdivision options.

🏡 Property Highlights

Solid 1970s architectural character with stunning raked ceilings and timber beams
Large, spacious rear yard with significant development potential
Currently tenanted at $400 per week, providing immediate income
Located in a peaceful, quiet pocket away from main-road traffic
Opportunity to renovate, modernise, or develop the property
Potential to add a 60m² unit or explore subdivision options

✨ Key Features

Built-in Robes
Open-Plan Living
Waterfront / Views
Open-Plan Living
Water tank
Floorboards
Secure Parking
Outdoor Area
Ensuite
Garage

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1 Teresa Avenue

Corio, VIC 3214

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Suburb and Property Insights of Corio, VIC 3214

Corio is a peaceful suburb offering a mix of established homes and development opportunities. It boasts a strong community vibe, convenient access to local amenities, and significant potential for growth. The area is ideal for investors and families seeking a quiet lifestyle with future upside. Key features include proximity to schools, parks, and shopping centres, making it a highly desirable location for various property strategies.

Frequently Asked Questions

What are the renovation possibilities for this property?

The home features classic 1970s architecture with timber beams and high ceilings, offering a solid foundation for modernisation, including updating interiors, adding new amenities, or enhancing the existing design.

Can I develop or subdivide the land?

Yes, the large rear yard presents potential for subdivision, adding a secondary dwelling, or constructing a new unit, subject to council approval and planning regulations.

What is the current rental income and potential for increase?

The property is currently tenanted at $400 per week, with scope to increase rental return through upgrades or renovations.

Are there any restrictions or zoning considerations?

Zoning and planning restrictions should be confirmed with local council to explore subdivision or development options, as well as any easements or covenants affecting the property.

What are the key features that add value to this property?

The property's character architecture, large land size, existing rental income, and development potential are key features that contribute to its value and future growth prospects.

What to ask about this property to agent?

Are there any planning or zoning restrictions that could limit development or subdivision options? What are the potential costs involved in renovating or modernising the home? Are there any easements, covenants, or restrictions on the land that could affect future development? Has the property been inspected for structural issues or defects related to its age? Are there any upcoming council or community plans that could impact the neighbourhood or property value? What are the flood or bushfire risks associated with this location? Are there any existing or planned nearby construction activities that could cause noise or disruption? Is the property compliant with current building codes and regulations? What are the strata or body corporate considerations if subdivided or developed? Are there any additional costs for council approvals or permits for development or subdivision?

1 Teresa Avenue, Corio, Vic 3214 - More Details

$589,000 - $629,000

3 bedrooms. 70s architectural character. Quiet pocket. Serious value-add potential.

Tucked away in a peaceful pocket of Corio, well away from main-road traffic, this solid three-bedroom home is all about the vibe, the bones and the opportunity.

If you love the architecture of the 1970s, this one will warm your heart.

Think stunning raked ceilings, gorgeous timber beams and massive floor-to-ceiling windows - one of those classic architectural designs that you simply don't see in newer homes. It has that unmistakable old-Highton feel and, with the right modernisation, could become something seriously special.

She's a classy girl with great bones.

But this isn't just about the home itself - it's about the upside.

Currently tenanted at $400 per week, the property already offers an income stream while presenting an astute renovator with the opportunity to create instant value within the existing footprint.

And then there's the backyard…

Positioned toward the front-left of the block, the home leaves you with a large, spacious and cleared rear yard, creating a genuine value-add opportunity.

Depending on your strategy, there may be potential to:

🏡 Renovate and modernise the existing home
📈 Increase rental return
💰 Manufacture equity through improvements
🏗️ Add a 60m² unit to the rear
🔨 Explore a cost-effective build on stumps
🏠 Investigate subdivision or alternative development options

The beauty here is that you have options.

You don't necessarily need to rely on one strategy. You can improve the existing home, add accommodation, develop the rear, or simply hold and allow the property to work within your portfolio.

That's what I call the option sandwich.

A property with character, land, rental income and multiple pathways to manufacture value.

The real question isn't simply "What is this property worth today?"

It's:

"What could this be worth once you unlock the potential?"

If you're looking for a positive addition to your portfolio with genuine value-add potential, this one deserves a closer look.

Talk to me about the options and let's work out which strategy could deliver the best ROI.

Type: House
Bedrooms: 3
Bathrooms: 1
Parkings: 2
Area: 673 m²
House Size: 108 m²

Price guide

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Leesa Van Drunen

1 Teresa Avenue, Corio, Vic 3214

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